5 Rental Property Upgrades To Invest In For 2021
One of the smartest decisions that you should make as an owner in 2021 is to upgrade your rental property.
When you make upgrades to your property, you’re increasing the value of your rental while also positioning your rental property to appeal to a higher quality tenant.
The good thing about making upgrades to your property is that they don’t always have to be expensive upgrades, and there are many upgrades that you can do yourself.
In this article, we will share with you several rental property upgrades that you should consider investing in during 2021.
Upgrade #1 – Improve Curb Appeal
Since curb appeal is the first thing that a prospective tenant will see before touring your rental property, it’s best to focus on making a great first impression by improving the curb appeal of your rental property.
For single-family properties, it’s best to consider investing in desert landscaping because this will take the responsibility of maintenance off the shoulders of your tenants while ensuring that your property doesn’t need much landscape maintenance during the year.
If you own a multifamily property, it’s important to make sure that the landscaping is attractive and appealing to tenants so that they will want to make their units look as good on the inside, as the property does on the outside.
Upgrade #2 – Install Consistent Flooring
After focusing on improving curb appeal, the next improvement that you should make is installing consistent flooring throughout the rental property.
This is important because many rental properties have different types of flooring throughout the property and inconsistent flooring can make a rental property look old, or not well maintained.
By installing the same type of flooring throughout your rental property, you will be showing your tenants that you have a clear standard for the property and aren’t willing to settle for good flooring in one room and substandard flooring in other rooms.
Example: Consider adding laminate flooring in the kitchen, dining room, and hallways of the home while adding carpeting just in the bedrooms.
Upgrade #3 – Paint The Interior And Exterior Of The Property
New paint is one of the most affordable upgrades that you can make to your rental property and since it’s easy for almost anyone to use a paintbrush, this is also a DIY home improvement that you can do yourself.
Tips: Choose neutral colors for the interior of your rental property instead of going with white for every room.
You can add color and character to each room by sticking with neutral colors like grays and beiges.
When painting the interior of your rental property, always be sure to apply a fresh coat of paint to each wall and avoid the habit of touching up spots.
Although touch-ups may save time, they can make a wall look ‘splotchy’ and this method of painting should be avoided.
Upgrade #4 – Upgrade Old Appliances To Stainless Steel Appliances
If the kitchen in your rental property has some outdated appliances, you should consider upgrading those appliances with stainless steel appliances.
Stainless steel appliances are important because most people like to have stainless steel appliances in their kitchens and they also improve the look and feel of the kitchen in a rental property as well.
Upgrade #5 – Repaint Or Refinish The Cabinetry In Your Rental Property
Last of all, but most important, you should also focus on improving the look of the cabinetry in your rental property by repainting or refinishing those cabinets.
As with painting, this is also an upgrade that you can do yourself and it’s not an expensive upgrade to make.
Tip – After refinishing or repainting the cabinets in your rental property, you should also change out the drawer pulls and doorknobs too. This will help to finalize the look and eliminate any cabinet hardware that may be outdated.
Contact GoldenWest Management
At GoldenWest Management, we’re experts at local property management and can save you the time, money, and hassle of managing your investment property yourself.
Our company is a top property management company in the United States because we also treat each client like they are out the only client.
To learn more tips that you can use to update your rental property, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here to connect with us online.
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